Is Gold’s Comeback Real, Or Just Another Tease?

Global tensions combine to push the precious metal higher. But the rally may be short-lived.

Gold has been languishing for several years in the absence of inflation. Yet the yellow metal quietly reached a five-month high and vaulted a few technical barriers in the process. While the long-term picture is still rather unconvincing on gold – and silver – the short term is looking much better.

Gold and silver stocks continue to lag the metals themselves, but they too have been on the move higher for the past month. Current...